Clearwater Analytics (CWAN) Insider Boosts Stake via RSU Vesting, New Grant

Rhea-AI Filing Summary

Clearwater Analytics Holdings, Inc. (CWAN) – Form 4 insider report

Director Jaswinder Pal Singh reported two equity transactions effective 23 Jun 2025:

• 10,334 Class A shares acquired (Transaction Code M) upon full vesting of previously granted RSUs. The shares were issued at an exercise/settlement price of $0.00, indicating no open-market purchase or sale.
• 8,765 new Restricted Stock Units (RSUs) granted (Transaction Code A). Each RSU represents the contingent right to receive one share; the award vests in full on 23 Jun 2026 and carries an expiration date of 23 Jun 2035.

Following these transactions, Singh’s direct holdings stand at 33,575 Class A shares plus 8,765 unvested RSUs. No shares were sold, and no cash consideration changed hands, suggesting the activity primarily reflects planned equity compensation rather than market sentiment. The filing does not reference any 10b5-1 trading plan, and Singh remains classified as a Director under Section 16 reporting rules.

For investors, the key takeaway is a modest increase in insider ownership with no disposition of shares, generally interpreted as neutral to mildly supportive of long-term alignment between the board member and shareholders. The grant size (8,765 RSUs) and resulting ownership level are small relative to CWAN’s public float and therefore unlikely, by themselves, to affect share price or liquidity.

Positive

• Director increased direct ownership by 10,334 shares without selling any stake
• New RSU grant indicates continued board engagement and long-term incentive alignment

Negative

• None.

Insights

Financial Analyst

TL;DR: Director adds 10,334 shares via RSU vesting, receives 8,765 new RSUs; no sales—neutral, minor alignment signal.

The Form 4 shows routine equity-compensation events. The conversion (Code M) reflects vesting of a prior RSU grant, increasing Singh’s direct stake to 33,575 shares at no cost. Concurrently, the board issued a new grant of 8,765 RSUs, typical of annual compensation cycles. There is no open-market purchase or sale, so cash flow impact is nil and dilution immaterial against CWAN’s >70 m share count. Such filings are normally neutral; however, ongoing ownership buildup can enhance governance alignment and may be viewed marginally positive by some investors. No red flags—no option exercises to sell, no derivative hedging.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Singh Jaswinder Pal

(Last) (First) (Middle)

C/O CLEARWATER ANALYTICS HOLDINGS, INC.

777 W. MAIN STREET, SUITE 900

(Street)

BOISE ID 83702

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Clearwater Analytics Holdings, Inc. [ CWAN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/23/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	06/23/2025		M		10,334(1)	A	$0.00	33,575	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Unit	$0.00	06/23/2025		A		8,765		(2)	06/23/2035	Class A Common Stock	8,765	$0.00	8,765	D

Explanation of Responses:

1. The Class A Common Stock represents shares acquired by the Reporting Person from the vesting of Restricted Stock Units ("RSUs") issued to the Reporting Person on June 11, 2024.

2. The reporting person was granted Restricted Stock Units representing contingent right to receive one share of Clearwater Analytics Holdings Inc. common stock for each RSU. The award will vest fully on the one-year anniversary of grant.

Remarks:

	/s/ Alphonse Valbrune, as Attorney-in-Fact, for Jaswinder Singh	06/25/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many CWAN shares did Director Jaswinder Singh acquire on 23 June 2025?

Singh acquired 10,334 Class A shares through the vesting of previously granted RSUs at a price of $0.00 per share.

Did the insider sell any Clearwater Analytics (CWAN) shares in this Form 4?

No. The filing shows no sales; only share acquisition and a new RSU grant.

What new equity award did the CWAN director receive?

Singh was awarded 8,765 Restricted Stock Units that will fully vest on 23 Jun 2026 and expire on 23 Jun 2035.

What is the director’s total direct ownership after the reported transactions?

Following the transactions, Singh owns 33,575 Class A shares directly, plus 8,765 unvested RSUs.

Is a 10b5-1 trading plan mentioned in the filing?

The Form 4 does not reference any transactions executed under a Rule 10b5-1(c) plan.